REPORT
/ INTERNATIONAL NEWS

Cape Wind Has Found a Buyer for Its Clean Power

Source: ENN, Date: May , 2010

Cape
Wind, the first offshore wind farm in the US to win regulatory
approval, has found a buyer for half of the electricity it will
generate, when completed.

Investor-owned energy company National
Grid announced a power purchase agreement with Cape Wind Associates,
the project's developers, on Friday. The deal, which came less than ten
days after Cape Wind won regulatory approval, is a critical milestone
for the project because it shows potential investors that there are
utilities interested in buying its electrici

The utility agreed to buy electricity
from the farm at 20.7 cents a kilowatt hour, a roughly 8-cent premium
over non-renewable electricity. That translates into about $1.59 per
month for the typical customer, or about a nickel a day to turn on the
A/C guilt-free. The contract is for 15 years, and prices will rise at a
3.5 percent annual rate.